Central Bank Issues Strict Anti-Money Laundering Directives for Financial Institutions

mesoiraq - The Central Bank issued new directives obligating non-banking financial institutions to tighten identity verification procedures for clients and beneficial owners before and during account openings. The guidelines mandate updating databases to identify Politically Exposed Persons (PEPs) and conducting daily local and international screenings to prevent dealings with sanctioned entities. The bank also emphasized scrutinizing complex corporate structures and filing immediate reports upon detecting suspicious financial activities, in compliance with international anti-money laundering and counter-terrorism financing standards.